Watrana Rentals IPO
Updated 13 Nov 2026, 6:50 pm.
Minimum investment (Individual investors (IND))
₹2,94,000
2 lots · 1,200 shares at the upper price band
Price band
₹232–245
Latest GMP
Not yet quoted
Est. listing price
—
Issue size
₹113.93 Cr
Allotment status
Allotment is due on 25 Nov 2026. Check it on the registrar's page or either exchange with your PAN or application number.
- Allotment finalised25 Nov 2026(upcoming)
- Refunds start26 Nov 2026(upcoming)
- Shares credited to demat26 Nov 2026(upcoming)
- Listing27 Nov 2026(upcoming)
GMP history
Each point is a recorded observation from the scheduled data sync.
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- SME
- Price band
- ₹232–245
- Issue size
- ₹113.93 Cr
- Lot size
- 600
- Opens
- 19 Nov 2026
- Closes
- 23 Nov 2026
- Allotment
- 25 Nov 2026
- Listing
- 27 Nov 2026
- Est. listing price
- —
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- Maashitla Securities Pvt.Ltd.
- Minimum investment
- ₹2,94,000 (2 lots · 1,200 shares)
- Face value
- ₹10 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital only
- Listing at
- NSE SME
- Refunds
- 26 Nov 2026
- Shares credited
- 26 Nov 2026
- Promoter holding
- 100% before · 70% after
- Lead managers
- Oneview Corporate Advisors Pvt.ltd.
Offer documents & links
Full issue details
Details as published for this issue, read 13 Nov 2026, 2:05 pm. Verify against the RHP before applying.
IPO Details
| IPO Date | 19 to 23 Nov, 2026 |
|---|---|
| Listing Date | Fri, Nov 27, 2026 (tentative) |
| Face Value | ₹ 10 per share |
| Price Band | ₹232 to ₹245 |
| Lot Size | 600 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 49,02,000 shares (agg. up to ₹ 120.10 Cr) |
|---|---|
| Reserved for Market Maker | 2,52,000 shares (agg. up to ₹ 6 Cr) Basan Equity Broking Ltd. |
| Fresh Issue (Ex Market Maker) | 46,50,000 shares (agg. up to ₹ 113.93 Cr) |
| Net Offered to Public | 46,50,000 shares (agg. up to ₹ 113.93 Cr) |
| Share Holding Pre Issue | 1,14,38,500 shares |
| Share Holding Post Issue | 1,63,40,500 shares |
IPO Timetable (Tentative)
- IPO Open
- Thu, Nov 19, 2026
- IPO Close
- Mon, Nov 23, 2026
- Allotment
- Wed, Nov 25, 2026
- Refund
- Thu, Nov 26, 2026
- Credit of Shares
- Thu, Nov 26, 2026
- Listing
- Fri, Nov 27, 2026
Issue Reservation
- QIB47.37%
- NII (HNI)14.25%
- Retail33.24%
- Market Maker5.14%
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 23,22,000 | 49.94% | 47.37% |
| - Anchor Investor | 13,86,000 | — | 28.27% |
| - QIB (Ex. Anchor) | 9,36,000 | — | 19.09% |
| NII (HNI) | 6,98,400 | 15.02% | 14.25% |
| - bNII > ₹10L | 4,65,600 | — | 9.50% |
| - sNII < ₹10L | 2,32,800 | — | 4.75% |
| Retail | 16,29,600 | 35.05% | 33.24% |
| Firm Reservations | |||
| Market Maker | 2,52,000 | — | 5.14% |
| Total | 49,02,000 | 100.00% | 100.00% |
Watrana Rentals IPO comprises a total issue size of 49,02,000 shares. The net offer to the public is 46,50,000 shares, after excluding 2,52,000 shares allotted on a firm basis. Of the Net offer 23,22,000 (49.94%) are allocated to QIB , 6,98,400 (15.02%) allocated to NII 16,29,600 (35.05%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1,200 | ₹2,94,000 |
| Individual investors (IND) (Max) | 2 | 1,200 | ₹2,94,000 |
| S-HNI (Min) | 3 | 1,800 | ₹4,41,000 |
| S-HNI (Max) | 6 | 3,600 | ₹8,82,000 |
| B-HNI (Min) | 7 | 4,200 | ₹10,29,000 |
Investors can bid for a minimum of 1,200 shares and in multiples of 600 shares thereof.
About Watrana Rentals Ltd.
Incorporated on November 19, 2019, Watrana Rentals Limited specializes in material and cargo handling equipment rentals, offering a fleet that includes forklifts (battery‑operated, diesel, gas), electric stackers, pallet trucks, speciality attachments (e.g., paper‑roll clamps, bale clamps, side shifters), and ground‑support gear. They engaged in the business of providing material handling equipment ("MHE") on a rental basis and trading of new and used MHE and batteries used in MHE. They cater to customers operating across various industries, including automotive, tyre, beverage, glass, paper, logistics & warehouse.
The company's business can be segregated into the following:-
Rental Solutions : Provides rental services for MHE tailored to meet business needs for flexibility without long-term capital investment.
Trading in MHE: Engaged in trading MHE, this offer allows customers to buy material handling equipment suited to their budget and needs.
Trading in Batteries for MHEs: Offers various batteries compatible with MHE models for rental and trading clients.
As of June 30, 2026, the company owned a fleet of two thousand six hundred forty-six (2,646) MHE units and thirty-three (33) AWP units, with an additional five MHE units and two AWP units taken on rent from third party suppliers.
As of June 30, 2026, The company had 3,883 employees across various functions, including strategy and planning, administration and human resources, finance, operations, procurement, stores, safety and service.
Competitive Strength :
Experienced Promoters and a senior management team with technical expertise
Workforce is a key asset in delivering high-quality service to clients across India.
Quality Assurance of services is an integral part of the company's operations.
Wide network coverage.
Company Financials (Restated)
Total Income
Profit After Tax
EBITDA
NET Worth
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 301.71 | 287.07 | 201.82 | 147.69 |
| Total Income | 53.62 | 211.69 | 179.66 | 130.23 |
| Profit After Tax | 7.68 | 29.16 | 24.43 | 18.05 |
| EBITDA | 18.13 | 65.01 | 51.77 | 37.98 |
| NET Worth | 93.24 | 85.55 | 56.39 | 31.96 |
| Reserves and Surplus | 83.23 | 75.54 | 46.38 | 31.95 |
| Total Borrowing | 164.72 | 164.08 | 110.54 | 93.12 |
| Amount in ₹ Crore |
Watrana Rentals Ltd.'s revenue increased by 18% and profit after tax (PAT) rose by 19% between the financial year ending with March 31, 2026 and March 31, 2025.
Recently Listed IPOs in Diversified Commercial Services
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Coreintegra Consulting Services Ltd. | SME | ₹21.99 Cr | ₹78 | 13.27 | ₹78.90 | +1.15% | ₹118.90 |
| Aegeus Technologies Ltd. | SME | ₹23.71 Cr | ₹105 | 15.98 | ₹130.70 | +24.48% | ₹108.00 |
| Propshop Events & Exhibitions Ltd. | SME | ₹28.57 Cr | ₹69 | 12.32 | ₹57.15 | -17.17% | ₹70.90 |
| PAN HR Solutions Ltd. | SME | ₹17.04 Cr | ₹78 | 8.41 | ₹78.01 | +0.01% | ₹47.00 |
| Armour Security India Ltd. | SME | ₹26.51 Cr | ₹57 | 17.53 | ₹43.35 | -23.95% | ₹27.10 |
| Dhara Rail Projects Ltd. | SME | ₹50.20 Cr | ₹126 | 21.43 | ₹157.50 | +25.00% | ₹131.00 |
| Clear Secured Services Ltd. | SME | ₹85.60 Cr | ₹132 | 23.36 | ₹113.05 | -14.36% | ₹76.65 |
| Elevate Campuses Ltd. | Mainboard | ₹2,100.00 Cr | ₹362 | 23.03 | ₹322.95 | -10.79% | ₹311.35 |
| LEAP India Ltd. | Mainboard | ₹2,480.00 Cr | ₹159 | 104.61 | ₹144.93 | -8.85% | ₹125.34 |
IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Purchase of material handling equipment (MHE), aerial work platform (AWP) and batteries | 98.13 |
| 2 | General Corporate Purposes | — |
| Total | 98.13 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
ROE
ROCE
RoNW
PAT Margin
EBITDA Margin
| KPI | Jun 30, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 8.59% | 41.08% |
| ROCE | 4.87% | 19.06% |
| Debt/Equity | — | 2.91 |
| RoNW | 7.67% | 29.13% |
| PAT Margin | 14.37% | 13.80% |
| EBITDA Margin | 33.91% | 30.76% |
| NAV | 93.14 | 85.47 |
| P/B (x) | 2.63 | 2.87 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 25.49 | 18.80 |
| P/E (x) | 9.61 | 13.03 |
| Market Cap at Offer Price | ₹280.24 Cr. | ₹400.34 Cr. |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2026 available in RHP.
Shareholding Structure
Pre IPO
- Promoter and Promoter Group100%
Post IPO
- Promoter and Promoter Group70%
- Public30.00%
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 100% | 70% |
| Public | — | 30.00% |
| Total | 100% | 100% |
Company Promoters: Sanjeev Kumar Watrana, Rajeev Kumar Watrana and Neha Watrana.
Watrana Rentals IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 0 | 0 | 0 | 0 |
| Members | 0 | 0 | 0 | 0 |
📰 Watrana Rentals Ltd. - News Updates
IPO Alert: Watrana Rentals Ltd. Set to Hit the Primary Market Soon
Watrana Rentals Ltd. Refiles Draft IPO Prospectus with NSE SME
IPO Registrar
Maashitla Securities Pvt.Ltd.
011-45121795
ipo@maashitla.com
IPO Lead Manager(s)
Oneview Corporate Advisors Pvt.ltd.
Contact Details
Watrana Rentals Ltd.
B-2, Third Floor, Derawal Nagar
Near Model Town Metro Station,
Gujranwala Colony
North West Delhi, New Delhi , 110009
+91 9289100302
cs@watranarentals.com
Watrana Rentals IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Watrana Rentals: common questions
Answered from this issue's own record.